Property Description

The Property is leased to Farmers Insurance Exchange, one of the insurers comprising Farmers Insurance Group that provides automobile, homeowners, personal umbrella and business owners insurance. The Property is a Class A, two-story office building totaling 102,035 rentable square feet of space. The Property was originally constructed in 2007 and has a parking ratio of 4.92 spaces per 1,000 square feet. Additionally, the Property benefits from a strong presence at the entrance to the Corporate Ridge Office Park. The 77-acre park includes five office buildings and features the full-service 112,000 square foot Health Ridge Fitness Center.

Business Essential Attributes

The Tenant utilizes the Property as its National Property Claims Facility - the only facility of its kind in the United States. Operations at the Property include the National Property Claims Unit, the Catastrophe Response Team, Logistics Corps, Kansas and Missouri Property Claims, and the satellite operations of the University of Farmers that oversees initial training of staff. In 2000, Farmers began centralizing portions of its nationwide claims operations in Olathe, Kansas. After a series of expansions, the Company has grown from 1,000 to over 2,500 employees locally—the largest private employer in Olathe. In addition to the operations at the Property, the Company leases approximately 290,000 square feet across five buildings within a three mile radius. These additional facilities are utilized for underwriting for the western United States, the Farmers Credit Union and non-claims related/back office administrative support.

Additional Property Information

The Property is subject to a “payment in lieu of taxes program” (“PILOT”) with the City of Olathe. This structure was set up to reduce taxes for the building Owner and the Tenant, and at the time, to promote development and maintain jobs in the area. The PILOT program exempts the Property from real estate taxes for a period of 10 years and instead, requires a payment in lieu of taxes in the amount of 45% of the ad valorem taxes which would have otherwise been due absent of this arrangement.

Logos shown are those of tenants, lease guarantors or non-guarantor parent companies at our properties.

1) Blue chip companies are well-known and respected publicly traded companies that typically make up the Dow Jones group of companies. Blue chip and investment grade descriptions are those of either tenants and/or guarantors with investment grade credit ratings or whose non-guarantor parent companies have investment grade credit ratings.

This website is neither an offer to sell nor the solicitation of an offer to buy any security. Only the prospectus can make such an offer. Therefore, a copy of the prospectus must be made available to you in connection with the offering. This marketing material must be read in conjunction with the prospectus in order to understand fully all of the implications and risks of the offering of securities to which it relates. Because it is a summary, it may not contain all of the information that is important to you. To understand The Griffin Capital Essential Asset REIT, Inc. offering fully, you should read the entire prospectus and Risk Factors carefully, including "Questions and Answers" and "Risk Factors" sections and the financial statements, before making a decision to invest in our shares. Some of the risks associated with this offering include the following: limited operating history; "blind pool" offering; this is a "best efforts" offering and some or all of our shares may not be sold; no minimum offering amount, and our ability to diversify our portfolio will depend on our ability to raise funds in this offering; no public market currently exists for our shares; it may be difficult to sell your shares, and if you do, it will likely be at a substantial discount; we must depend on our advisor to conduct our operations; we will pay substantial fees and expenses to our advisor which will reduce cash available for investment and distribution; there are substantial conflicts of interest among us and our sponsor, advisor, dealer manager and property manager; we may borrow funds, issue new securities or sell assets to make distributions, some of which may constitute a return of capital; we may use substantial debt to acquire our properties, especially in the early years, which could hinder our ability to pay distributions; we may fail to qualify as a REIT. We cannot assure you that we will achieve any of our investment objectives. No offering is made to New York residents except by a prospectus filed with the Department of Law of the State of New York. The Attorney General of the State of New York has not passed or endorsed the merits of the offering. Use of this website is subject to its Terms and Conditions and Privacy Policy.

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